Presented on page 865 is selected information related to the financial instruments of Dawson Company at December
Question:
Presented on page 865 is selected information related to the financial instruments of Dawson Company at December 31, 2015 (amounts in thousands). This is Dawson Company’s first year of operations.
Instructions
(a) Dawson elects to use the fair value option whenever possible. Assuming that Dawson’s net income is ¥100,000 in 2015 before reporting any financial instrument gains or losses, determine Dawson’s net income for 2015.
(b) Record the journal entry, if any, necessary at December 31, 2015, to record the fair value option for the bonds payable.
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Related Book For 
Intermediate Accounting IFRS Edition
ISBN: 9781118443965
2nd Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
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